The effective management of our scarce resources are what we call the study of Economics. Which of the following is the field of economics concerned with using economic theories and models, and related principles and concepts to understand and try to solve socioeconomic issues?

The concept of scarcity is coupled with the fact that human desires are unlimited. Which of the following concept in Economics defines as the things that are desired which are essentials for human survival?

There are plenty of definition for this concept but in terms of economics, it is all the man-made factor of production used to create another product. Which of the following terms best describe the above mentioned?

Factors of Production are considered to be scarce. Which factor of production are the one that is responsible for the integration of other factors of production?

Poverty talks about the condition where a population is only able to meet its basic subsistence. Which of the following is a kind of poverty wherein the population are severely deprived from their basic needs?

Unemployment is one major economic problem that the Philippines is facing today. Which of the following is a kind of underemployment wherein there is less demand for a specific job?

Underemployment is another significant concern related to labor. There are two types of underemployment namely Visible and Invisible. Which of the following is the characteristic that differentiates the two kinds of Underemployment?

One of the effects of overpopulation is migration. Which of the following is the concept of emigration of highly trained professionals and technical workers to a particular country?

Cost-benefit analysis can be used in fertility rate among women. Which of the following is the reason why poor household tend to have large families than better-off household?

Weak infrastructure lessens the productivity of the economy. The government are considering some options to lessen the effect of weak infrastructure by allowing the private sector to engage in the construction of infrastructure project. Which of the following will be the possible negative result of this public-private partnership?

Food security is all about the availability and accessibility of the food to the people. Rice Tariffication Law is one solution of the government to have food security in terms rice. Which of the following is the adverse effect of this law to the Philippines?

Law of demand states that if the price of certain commodity decrease, the quantity demanded will increase and vice versa. Which of the following is not the factor affecting the demand curve?

You saw in the news that the price of the gasoline in the market will increase by tomorrow morning, then the demand for the gasoline today increases. Which of the following factors affects the demand of the gasoline today?

In order to be a developed country, we must need to attain the economic development core values. All of the following are the core values of economic development EXCEPT?

One major economic problem in the country is poverty. Which of the following are the proportion of households in the country with family income lower than the poverty line?

This occurs when the quantity demanded exceeds the quantity supplied. Which among market situation is the statement above all about?

When the consumer already achieved their maximum satisfaction. That is the time when they are already satiated. What kind of principle in economics is the above statement about?

Price Floor is a government power to protect the producers. This is a price control in which prices cannot go lower than the mandated price of the government. Which of the following market situation that price floor needs to be implemented?

The products in this market seem to be identical but have different brands.

This structure involves many buyers and sellers who sell the same product.

This market is characterized by collusion among market players/Producers.

This Market has only one seller which represents the whole industry.

One major obstacle to entry in this market is the high initial capital requirement.

One major problem encountered in this market is the improvement of products and services.